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Thank you! I will use this as an advice. But one last question: Does the price always retrace to the last support/resistance zone? If not, when do I enter?
Can you help answer these questions from other members on NexusFi?
Getting out isn't an easy answer. I make this mistake a lot and don't always let my winners run. A basic way of getting out would be to use a Keltner chanel (51 period with 3.5) on your 490 tick. When you decided to get in at the support line hopefully the trend takes the 490 above the 51 period line and keeps it above that. When the trend crossed the top of the chanel your in luck and the prices are really going to roll. A pull back to the 51 line isn't a concern but, when the price goes under, and closes below, the price action is signaling that people are exhausted and the trend for the day might be over. you can confirm this with lowering volume if you are using a volume study also. A really large time frame like the 240 or 400 min will show a doji during this event, which is also strong signal the trend is exhausted. Market profile guys would get out if the trend crossed below and its hitting a low volume area.
"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
Same principle, use the keltner band on a lower time frame, say the 55 or 144 and make more trades. The keltner band is just an atr for you to judge price movement. Don't think of it as an indicator that gives you magic signals. Just use it to judge the price reaction in specific areas.
"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
Thank you! I will share my experiences within this journal in the next weeks. If anybody also has an adivce, I'm very thankful. I will start from the bottom now setting up my DOM environment and trading in SIM again.
Good luck!! Make sure you manage your risk and take breaks.
"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
"When new money is created on a grand scale, it must go somewhere and have some major consequences. One of these will be greatly increased volatility and instability in the economy and financial system."
J. Anthony Boeckh
After a long time of absence and learing process, I finally had time to spend the first session trading the ES.
My explanation:
Trade 1: Looked for the double bottom there. Saw less selling pressure and decided to take the long trade. Didn't hold it long enough, but there came selling pressure again.
Trade 3: Entry by pullback and seeing buying pressure again. Exited too early, because the market moved sideways a bit too long for me. What can I do better there?